HNB Assurance PLC (HNBA) held its most eagerly anticipated night in the Company’s event calendar recently at Hilton Colombo. The event felicitated the top performers of the Sales Force for their outstanding and remarkable achievements recorded during the year 2021. The event was graced by Mrs. Rose Cooray as Chief Guest, the Board of Directors of HNBA as well as the Management of both HNBA and its fully owned subsidiary HNB General Insurance Limited (HNBGI).
Expressing her thoughts on the day of celebration, Chairperson of HNBA and HNBGI - Mrs. Rose Cooray stated that “Tonight is a night of celebration of your remarkable and outstanding performance, reflected as both individuals and as teams. This convention will distinguish itself by virtue of the fact that, we honour and applaud your commitment and perseverance despite one of the toughest times we had to face in our lifetime. The tenacity that the sales force has displayed during these most challenging of economic conditions is quite exemplary.” Highlighting the key performance metrics HNBA has portraited during the year 2021, Ms. Cooray further stated that “The achievements that we have recorded during 2021 with an impressive growth momentum of 29% in terms of GWP is in no small measure due to the contribution from the sales force. I am indeed delighted by the achievements of HNBA Advisor Channel and have no doubt that even greater things will be forthcoming as the company moves ahead into the future infused with cutting edge technology and have at its disposal the best products in the market. I can assure confidently that we will be able to strive to new heights in this journey as one team.”
Reflecting on the outstanding performances of HNBA Sales Force, Chief Executive Officer of HNBA Mr. Lasitha Wimalaratne stated that “The devotion of each individual advisor which collectively upscales the overall performance of the Advisor channel is quite impressive, and it has clearly reflected on our business achievements during 2021. The synergy between each member of the Advisor Channel has grown the company through the years to the stature and stability that it has achieved to date. Despite the most fluid and challenging market conditions, our Sales Force has proven once again that they are a group of talented professionals who can go for gold and mark a name for themselves. Furthermore, Mr. Lasitha also added “Tonight is dedicated for you to reflect on and celebrate your achievements and to further fine-tune it during the years to come. As a company which strives in delivering the best service to the customers, assuring them that they are provided with a Life Insurance solution to best satisfy their needs has always been possible as a result of the high quality, professional standards of our own Sales Force. I firmly believe that these achievements celebrated tonight will prove to be the starting block of greater things to come cascading into the future as we are poised to grow from strength to strength”
Chief Business Officer/ General Manager - Advisor Distribution Channel of HNBA, Mr. Harindra Ramasinghe expressed his views stating, “The impressive strength of the Salesforce of HNBA has clearly reflected in the financial achievements gained during 2021. The Advisor Channel of HNBA has made an indelible mark for itself as being a force to be reckoned with, seizing new market segments across the island and continually growing its footprint. Effective recruitment campaigns launched across the country has contributed immensely towards the highly professional and performance driven salesforce of HNBA. The Channel has grown from strength to strength from achievements pertaining to both local and global spectrums. I am confident that my salesforce to march onwards conquering every hurdle thrown their way to go on to prove their mettle.”
The HNBA Sales Convention honored 246 Advisors under categories of Bronze, Silver, Gold, Super Gold and Grand Awards. Amongst those golden trophies were the accolades for the Best Service Center, Best Zonal Manager, Best Cluster Manager, Best Regional Office Manager and awards for 71 MDRT qualifiers. The pinnacle award of the night for ‘Best Sales Advisor’ was awarded to Ms. Shamali Liyanage.
HNB Assurance PLC (HNBA) is a leading Life Insurance Company in Sri Lanka with a network of 64 branches. HNBA has been assigned a rating of ‘A+’ (lka) by Fitch Ratings Lanka for 'National Insurer Financial Strength Rating'. Following the introduction of the segregation rules by the Insurance Regulator, HNB General Insurance Limited (HNBGI) was created and commenced its operations in January 2015; HNBGI continues to specialize in motor, non-motor and Takaful insurance solutions and is a fully owned subsidiary of HNB Assurance PLC. HNB General Insurance has been assigned a 'National Insurer Financial Strength Rating' of ‘A+’ (lka) by Fitch Ratings Lanka Limited. HNBA is rated within the Top 100 brands and Top 100 companies in Sri Lanka by LMD and has won international awards for Brand Excellence, Digital Marketing and HR Excellence including the Great Place To Work® Certification, and won many awards for its Annual Reports at award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka.
Feb
HNB Assurance PLC was recognized with the prestigious Effie Award under the Insurance category for its groundbreaking ‘Dola Duka’ campaign. Notably, HNB Assurance was the only winner in this category, underlining the campaign’s creativity, effectiveness and impact.The ‘Dola Duka’ campaign was conceptualized to address the unique cravings of pregnant and expecting mothers, ensuring they had access to their desired food items at any time. HNB Assurance bore the delivery costs while collaborating with merchants to extend their operating hours late into the night, ensuring seamless fulfillment of these cravings. This initiative showcased the brand’s deep commitment to customer-centric innovation and redefining insurance beyond conventional boundaries.Expressing his thoughts on this achievement, CEO of HNB Assurance PLC, Mr. Lasitha Wimalaratne, stated, “I am truly proud of the effort that went into us winning an Effie Award, which is a testament to the meaningful impactful we managed to make. For us, ‘Dola Duka’ was more than just a campaign, it was about understanding and addressing a real need, reinforcing our promise to care for our customers beyond insurance. My congratulations to all the teams involved.”Adding to this, Chief Marketing and Customer Experience Officer of HNBA, Mr. Dinesh Yogaratnam, commented, “This campaign reflects our ethos of innovation and customer-first thinking. ‘Dola Duka’ was designed to resonate emotionally while delivering tangible value, and this award is a validation of that success. A big thank you to our incredible partners, RN Media and Quickee.lk, for joining us on this journey and making this campaign a reality. We will continue to move forward bigger and better, creating impactful campaigns that redefine the insurance industry and enhance the lives of our customers and beyond.”
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Feb
HNB Assurance Group (HNBA and HNBGI) posted yet another year of remarkable performance, improving on its impressive growth rate maintained over the last few years. For the financial year 2024, the HNBA Group achieved a 21% increase in Gross Written Premium (GWP), growing from Rs. 18.8 Billion to Rs. 22.7 Billion. The Group also recorded a consolidated Profit After Tax (PAT) exceeding Rs. 1.8 Billion, marking a 7% growth compared to the previous year.HNB Assurance PLC's (HNBA) financial strength was highlighted by its upgraded Fitch rating, making it the only life insurance provider in Sri Lanka with an 'A' rating from Fitch Ratings Lanka. Complementing this, HNB General Insurance (HNBGI) also achieved an 'A' rating, positioning it among the few general insurance companies in Sri Lanka to earn this distinction.Chairman of HNBA Group, Mr. Stuart Chapman, commenting on the Group’s financials for the year 2024, stated, “I’m extremely proud to note that the HNBA Group has once again exceeded expectations, delivering strong results that showcase our strategic foresight and operational efficiency. In terms of our numbers, over the past four years, we have consistently delivered strong growth, with a remarkable 22% average annual increase in GWP as a Group. This achievement underlines our focus on sustainable business practices. Our share price growth of 42% at end of 2024 reflects the trust the market places in our stability. It is also remarkable to note that both HNBA and HNBGI have maintained robust capital adequacy ratios of 379% and 219%, respectively, well above the regulatory requirement of 120%.”The Group’s Funds Under Management increased by 24% in 2024, reaching Rs. 55 Billion, highlighting the strength of the investment strategy as a key pillar in maintaining the Group’s financial stability and profitability. “When it comes to Insurance, trust is an absolute must and this remains central to our operations, as evidenced by the fact that we honored claims exceeding Rs. 6.7 Billion, with 98% of complaints being resolved successfully. This track record is a direct result of the dedication and hard work of our team, along with our focus on building lasting relationships with our policyholders”, added Mr. Chapman. CEO of HNBA Mr. Lasitha Wimalaratne, breaking down the achievements of HNBA, stated, “Looking back at 2024, I am genuinely proud of the strides we have made as a company. Achieving a 7.5% market share is a huge milestone and we are well on our way to hitting that 10% target by 2026. Our New Business Premiums grew by 27% and our overall GWP up by 26% compared to 2024, which speaks volumes about the trust our customers place in us. Our investments also paid off, with an 8% boost in investment income, reaching Rs. 6.9 Billion.”“Personally, what stood out last year was, how we weathered challenges together. Despite the higher operating costs from our IT upgrades, we managed to close the year with a 3% growth in profits. Additionally, our Total Assets have grown by 24% to reach Rs.53 Billion with a PBT of Rs. 2.4 Billion and PAT of Rs. 1.66 Billion. I'm extremely thankful to all the teams for their collective efforts in driving our business from strength to strength,” he added.CEO of HNBGI, Mr. Sithumina Jayasundara, sharing his thoughts on the 2024 financial performance, stated, “2024 was a year of resilience and innovation for HNBGI, as we sustained our remarkable growth trajectory, doubling the industry growth rate for the fifth consecutive year. Our overall GWP growth of 14%, compared to the industry’s 6.9%, reflects the strong momentum we continue to drive. Notably, our non-motor segments surged by 24%, with Marine, Fire and Engineering Insurance achieving exceptional growth of 166% and 27% respectively, which is the highest among the top 10 General Insurers in the country. Despite challenges in the motor insurance sector, we remained agile, diversified our offerings, and secured a solid 6% growth."“One of the aspects we paid close attention to during 2024 was customer satisfaction which reflected in our renewal retention ratios of 77% for motor and 82% for non-motor segments, as well as a remarkable Net Promoter Score of 77. These figures show the trust and loyalty our customers have in us. Additionally, we achieved a 59% growth in Profit After Tax, and a market share of 7% which demonstrated the success of our strategy of driving sustainable growth in an uncertain environment. With our total assets reaching Rs. 10.2 Billion, a 7% increase, we’re confident that our approach is positioning HNBGI for long-term success.” Added, Mr. Jayasundara.
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Feb
HNB Assurance PLC entered a strategic partnership between its Partnerships Channel’s training arm, Life Campus and the Sri Lanka Institute of Marketing (SLIM), marking a significant commitment to professional excellence and transformational learning.The Partnerships Channel at HNB Assurance has been rapidly expanding, positioning itself as a key driver of HNB Assurance’s business growth. With an increasing number of partnerships and a dynamic team dedicated to offering tailored insurance solutions, the need for continuous learning and professional development has never been greater. Recognizing this, the Life Campus was established as a dedicated training hub to equip the Partnerships Channel team including Bancassurance officers and other sales and management staff with the knowledge, skills and industry insights required to excel within its competitive market.This affiliation will offer specialized training programs, workshops and courses tailored to hone skills in sales, customer engagement and marketing, ensuring that HNB Assurance’s Partnership team is at the forefront of industry best practices.This initiative is part of HNB Assurance’s broader commitment to continuous professional development and by integrating the National Body for Marketing, SLIM’s robust training framework into Life Campus, the company is ensuring that its team remains agile, forward-thinking and ready to capitalize on emerging opportunities.
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